智通财经APP获悉，招商证券发布研报称，25Q1全球/中国智能手机出货同比+1.5%/3.3%，全球同比增 长主要系需求回暖叠加为应对关税苹果等品牌有提前备货，而中国增速较高因国补有一定拉动，产业链 预测25年全球智能手机市场延续弱复苏，但关税带来的影响仍需观察。苹果业绩会表示在其库存和供应 链优化下Q2受关税影响很小，后续其仍有望最大化规避潜在的232行业关税，建议把握跟随苹果全球化 布局、具备成本效率优势的低估优质公司，并关注WWDC大会AI创新及后续新品零部件创新。 3)可穿戴：Q1 AI眼镜出货60万同比+216%，影石创新发布X5全景相机引发关注。Q1AI眼镜出货60万 同比+216%，主要系Meta Rayban眼镜推动，后几个季度预计陆续会有新品上市，包括Meta Q3预计会发 布多款不同功能和形态的AI眼镜，以及小米/阿里/三星等十几个品牌，产业链预计25全年销量同比 +135%至550万台；运动相机方面，影石创新发布旗舰级全景相机X5，发售后引发热烈关注，并关注大 疆近期新品发布。 苹果表示并未看到关税导致需求提前大幅释放，通过提前备库和供应链优化等使得Q2关税影响很有 限，招商证券认为，i ...

Financial Data and Key Metrics Changes - Total bookings for Q1 2025 were $511 million, reflecting a 12% year-over-year increase [19] - Total revenue reached $474 million, up 13% year-over-year, exceeding the high end of guidance [20] - Non-GAAP gross margin for Q1 was 69%, consistent with expectations [23] - Free cash flow for Q1 was over $142 million, representing 30% of revenue [24] Business Line Data and Key Metrics Changes - Partners revenue grew 24% year-over-year to $172 million, driven by increased subscription purchases and adoption of business applications [20] - Transaction revenue in Q1 was $59 million, up 19% year-over-year, supported by increasing GPV and improved take rates [20] - New user cohort generated $36 million in bookings, a 12% increase over the previous year's cohort [12] Market Data and Key Metrics Changes - Nearly 5.3 million new users were added in Q1, marking a 7% year-over-year increase [13] - Strong traction was noted in high-spend geographic regions, particularly in the US and parts of Europe [13] Company Strategy and Development Direction - The company launched Wixl, a new visual design platform, aiming to democratize visual design similar to how Wix democratized website building [5][6] - The introduction of Astra, an AI assistant, is expected to enhance user engagement and reduce churn [9] - The company is focused on continuous product innovation and strategic momentum aligned with long-term vision [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand trends observed in early 2025, with expectations for continued growth in new cohorts [16] - There is a cautious outlook regarding macroeconomic volatility, particularly affecting the Business Solutions segment [17] - The company aims to maintain a conservative approach in guidance while acknowledging the potential for strong performance [25] Other Important Information - The board authorized an additional $200 million for share repurchases, reflecting confidence in cash flow generation and commitment to shareholder value [26] Q&A Session Summary Question: Expectations on the rollout and monetization of Wixl - Management indicated that Wixl is in early stages, with plans for separate subscription pricing and partnerships to drive adoption [29][32] Question: Thoughts on the AI landscape in web design - Management acknowledged the evolving AI landscape and emphasized the need for stability and maturity in AI tools before they can be widely adopted [34][39] Question: Free cash flow margins progression through the year - Management expects a modest increase in free cash flow margins, driven by revenue growth and operational leverage [42][43] Question: Factors affecting partners revenue deceleration - Management noted FX impacts and lower-than-expected GPV growth as contributing factors to the deceleration in partners revenue growth [49][51] Question: Differentiators for Wix in the design software market - Management highlighted Wix's focus on future-oriented AI capabilities rather than traditional drag-and-drop editing environments as a key differentiator [58][60] Question: Drivers for self creator growth and conversion - Management emphasized improving the editing environment and simplifying user journeys as key drivers for growth in self creators [82][84]

AI创新者如何进化 ？ 要该 如何与 AI时代结合 ？ AI在各领域超越人类是必然的，但"好" 的定义又 是什么？ 所有企业的 1号位，都一定要把AI当回事，只是上面的这些问题，依旧悬在不少1号位头上，无法得到解 答。 今天，我想和大家探讨 AI创新者如何进化，如何与AI时代结合。 简单介绍一下，我是混沌 AI创新院院长张雷。我给自己贴了两个标签：一是创新。我在混沌一直做新业 务，从创新商学院到混沌to B业务，再到如今将在线业务与AI结合，我始终在探索新领域；二是与大家 并肩作战，我在AI领域遇到的困难和你们一样，我的经验都是从实践中摸索出来的。 我认为， AI可能会在很多方面做得比我们更好，甚至替代我们的岗位，但AI创新者不会被替代。 那么，谁是 AI创新者呢？他们不是和AI竞争岗位的人，而是给AI创造岗位的人。比如在一个招聘场景 中，AI创新者是那个设定目标、安排任务的人，而不是和AI竞争岗位的知识工作者。 换言之， AI创新者要善于利用AI，让它完成目标、创造价值，从而提升自己的竞争力。我们要成为坐在 AI之上的"机上人"，让AI的强大成为我们的优势。 AI创新者的定位至关重要。 在 AI创新院开学典 ...

过去一个月，无论是美股、港股还是 A 股，市场都受到宏观关税变量的影响。 然而，美股在两周前已经不再受到关税变量的显著影响，转而关注中观产业层 面和微观企业业绩层面。相比之下，A 股仍然受关税影响较大，需要时间修复 到关税前的状态。短期来看，果链受益于关税修复，但这只是开始，更重要的 是苹果新产品预期和长期 AI 创新。 苹果在 AI 创新方面有哪些进展？ 持续看好果链：关税修复只是开始 20250512 摘要 • A 股市场受关税影响修复需时，短期果链受益于关税修复，但更应关注苹 果新产品预期和长期 AI 创新，WWDC 大会或将公布苹果 AI 新战略。 • 美国暂缓对中国商品加征的部分关税，但对半导体类产品的 232 调查仍在 进行中，需持续关注其进展，新华社消息发布后，港股相关标的已有所反 应。 • 苹果产品在中国地区降价，如 iPhone 16 系列和 AirPods Pro 2，降幅明 显，预计将有助于提升国内市场销量，但需关注对利润的影响。 • 苹果在 AI 领域有三项进展：Safari 整合 AI、中国区 AI 进展（与百度、阿 里合作），以及折叠屏手机等新产品，发布节奏将更均匀，硬件创新加速。 ...

据IPO早知道消息， 沪上阿姨（上海）实业股份有限公司（以下简称"沪上阿姨"）于2025年5月8日 正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨在本次IPO发行中总计发行2,411,340股H股。其中，香港公开发售部分获3616.83倍认 购，国际发售部分获2.57倍认购。同时，沪上阿姨在本次IPO发行中引入了盈峰集团和华宝股份 （300741.SZ）两位基石投资者，累计认购921.55万美元。以每股113.12港元的发行价计算，沪上 阿姨通过本次IPO发行募集资金总额为2.73亿港元。 2013年，第一家沪上阿姨门店在上海开业。目前，沪上阿姨旗下拥有主要品牌「沪上阿姨」、2022 年推出的「沪咖」以及2023年推出的「轻享版」。其中，2024年3月，"轻享版"升级至2.0版本，并 正式推出"茶瀑布"，进一步捕捉下沉市场需求。 截至2024年12月31日，沪上阿姨的门店网络有9,176家门店，覆盖中国全部四个直辖市，以及位于 五个自治区及22个省份的300多个城市，门店网络覆盖北至中国黑龙江省漠河，南至中国海南省三 亚。 一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C ...

以下文章来源于日商日旅 ，作者KYOKU 日商日旅 . 前商业媒体人，管理者，早稻田大学硕士。 在一家40%外国人、员工来自15+国的日本旅游上市公司工作。 基本能周更。 来 源丨日商日旅（ID：rishangrilv） 作者丨KYOKU 想要勾勒出日本AI行业的面貌着实不太容易。AI公司又少又慢又没声音，技术看上去也是半吊子。跟很多曾经驰骋国际今天却逐渐去国 际化的日企一样，它们的生意，从研发到销售服务，从上游到下游，从头到尾似乎不需要日本以外企业的参与。 笔者斗胆，称它们的存在为"孤岛闭环链"。 如何判断一家公司的产品或服务是否属于"前沿AI创新"而非传统的IT信息化？ 人们通常是从这四个维度来判断： | 判断维度 | 真AI企业特征 | 假AI企业特征 | | --- | --- | --- | | 算法仅是附属工具, | は）キロロテキ 次し (以刺ハステイ、ILF、工成 | | | 于AI算法 | 模型等技术, 有自研模型和AI框架 | 本质是提升信息效率的 系统整合商 | | 产品通用性和扩 技术具备通用性,有API、SDK或 产品为特定客户定制, | | | | 展性 | 开放平台，可迁移到多行 ...

宏观｜五一假期期间的经济线索 5月2日，中国商务部表示正在评估与美国启动贸易谈判的可能性，较此前立场有所软 化；美日第二轮谈判依然有较大分歧，我们认为可能会降低美国对华要价底气。中美 关系缓和预期推动离岸人民币汇率升值到7.21，为5个月多来最高值。前期中国出口 企业囤积了大量未结汇美元，若这些贸易商集中结汇，或可持续支撑人民币升值。国 内五一假期出游人次再创新高，"量优于价"的特征或仍然存在，入境游、县域游、长 线游高增长为数据中三大结构性亮点。 风险因素：国内政策落地或实施效果不及预期；外需恢复不及预期；地缘政治风险恶 化；美国加征关税变化超预期；海外经济衰退超预期。 裘翔｜中信证券首席A股策略师 S1010518080002 策略聚焦｜交易事实，而非预期 关税战至今，全球主流风险资产价格基本都回到原点，表明"交易事实，而非预期"应 该是贸易战之下应对不确定性的第一原则；展望5月，"为签而签"可能成为海外叙事 逻辑，我们预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特 征，以低机构持仓的主题型交易机会为主；但从经济层面来看，真实的影响已经悄然 发生，我们预计中美经济在二季度尾声可能会面临新的 ...

Summary of Mindray Medical Conference Call Company Overview - **Company**: Mindray Medical - **Fiscal Year**: 2024 - **Key Financials**: - Net profit attributable to shareholders increased by 4.36% year-on-year - Operating cash flow net amount increased by 12.38% to 12.432 billion CNY - Total revenue for 2024 was 36.726 billion CNY, a 5.14% increase from the previous year - Planned cash dividends for 2024 totaled 7.602 billion CNY, with a payout ratio of 65.15% [2][3][4] Industry Performance - **International Market**: - Strong performance with a growth of 21.28%, accounting for 45% of total revenue - Asia-Pacific region grew nearly 40%, while Europe rebounded with over 30% growth - High-potential businesses such as minimally invasive surgery, animal healthcare, and cardiovascular accounted for nearly 10% of international revenue [2][5] - **Domestic Market**: - Domestic revenue decreased by 5.1% due to weak tendering and the impact of DRG 2.0 - Anticipated recovery in growth by Q3 2025 as local fiscal pressures ease and medical equipment update projects commence [2][5] Product Line Performance - **In Vitro Diagnostics (IVD)**: - Grew by 10.82% overall, with international growth exceeding 30% - Domestic market affected by policy changes but market share increased [2][6][7] - **Medical Imaging**: - Grew by 6.60%, with international growth over 15% - Launch of high-end ultrasound Verona A20 contributed significantly [2][7] - **Life Information and Support**: - Declined by 11%, but international markets saw double-digit growth - Domestic market maintained leading market share in monitoring and respiratory products [2][7] Research and Development - **R&D Investment**: - 2024 R&D investment was 4.008 billion CNY, accounting for 10.91% of revenue - Continued focus on innovation with multiple new product launches in various fields [3][11][12] Sustainability and ESG - **Sustainability Initiatives**: - Maintained MSCI ESG rating of A - Set carbon reduction goals with a reported 11.6% decrease in carbon intensity by the end of 2024 compared to 2021 [2][13] Market Outlook - **Domestic Market Potential**: - Confidence in long-term growth despite recent slowdowns - Anticipated acceleration in medical equipment updates and government investments in healthcare [10][14] - **International Market Strategy**: - Plans to enhance supply chain and marketing strategies to mitigate tariff impacts - Targeting a long-term goal of 30% domestic and 70% international revenue [15][17] Challenges and Risks - **Tariff Impacts**: - U.S. tariffs have not significantly affected North American business, with a compound annual growth rate of 10% from 2018 to 2023 - Ongoing adjustments to supply chain and material sourcing to manage costs [18][19] Future Growth Strategies - **Five-Year Plan**: - Focus on digitalization, streamlined production, and international expansion - Emphasis on integrating AI and IT with medical devices to enhance clinical decision-making [20][21] - **IVD Growth**: - Expected to remain a key growth driver with new product launches and competitive upgrades planned [23][24] Conclusion - **Overall Outlook**: - Mindray Medical is positioned for continued growth through strategic investments in R&D, international market expansion, and a focus on sustainability, despite facing challenges in the domestic market and external economic pressures [30][31]

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 中喜会计师事务所(特殊普通合伙)对本年度公司财务报告的审计意见为：标准的无保留意见。 非标准审计意见提示 □适用 √不适用 2、报告期主要业务或产品简介 公司是一家围绕汤姆猫家族IP为核心的、线上与线下协同发展的全栖IP生态运营商。公司通过线上移动 应用、动漫影视等优质内容的制作与发行满足用户的文化娱乐需求，线下通过开拓AI智能陪伴硬件、IP 衍生品与授权业务、新商业服务业务等业态，打造汤姆猫家族IP亲子生活品牌。 目前，线上移动应用是公司的核心业务。在线上移动应用领域，公司及旗下子公司深耕休闲移动应用十 余年。在"寓教于乐，智创家庭幸福"的企业使命下，公司海内外研发团队围绕全球知名IP一一"汤姆猫 家族"已先后研发上线了《会说话的汤姆猫》《我的汤姆猫》《我的安吉拉》《汤姆猫跑酷》《我的汤 姆猫2》《汤姆猫英雄跑酷》《汤姆猫总动员》《我的安吉拉2》等20余款绿色健康、休闲益智的移动应 用，业务覆盖欧盟、美国、中国、巴西 ...